Duke Energy Progress utility bonds.
From $100.
Duke Energy Progress LLC accepts a surety bond in place of a cash security deposit when you open, transfer, or reinstate electric service in its South Carolina territory around Horry and Georgetown counties. Duke Energy Progress sets the deposit amount on your account; pricing is 2% of the bond amount, $100 minimum.
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How much does a Duke Energy Progress utility bond cost?
2% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No underwriting queue for the standard security deposit bond — enter your amount, pay, and file with Duke Energy Progress. Here is the whole thing:
Apply online
Your details, the deposit amount Duke Energy Progress required, your county, and the effective date — that is the application.
Issued on the spot
No credit check up to $15,000, and most applications approve instantly — the executed bond is generated as soon as you pay.
File with Duke Energy Progress
Submit the executed bond to Duke Energy Progress customer accounts in place of your cash deposit. Wet-ink originals mailed on request.
What it is and who needs it.
What the utility deposit bond does
Duke Energy Progress LLC is an investor-owned electric utility that serves a coastal slice of South Carolina, including the Grand Strand around Myrtle Beach, alongside its larger North Carolina service territory. It collects a deposit to secure the bills a new or higher-risk account will run up before it establishes a payment history — but a surety bond can stand in for that cash.
It is a three-party arrangement: you (the principal), the surety, and Duke Energy Progress (the obligee). If your account carries an unpaid balance when service ends, the utility can recover against the bond up to its face amount instead of drawing down a cash deposit.
It is not insurance for you — if the surety pays a claim, you repay the surety. Customers who keep their accounts current typically use the bond to free up the cash a deposit would otherwise tie up. We issue the amount the utility sets on your account; pricing is 2% of the bond amount, $100 minimum, and no credit check up to $15,000.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with Duke Energy Progress. Submit the executed bond to Duke Energy Progress customer accounts in place of your cash deposit. Wet-ink originals mailed on request.
What sets the price
The premium is 2% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $15,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued on the spot.
Submit the application with the deposit amount Duke Energy Progress required — the executed bond is generated instantly, ready to file.
Start the application →Common questions.
Other South Carolina bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Duke Energy Progress deposit bond, issued today.
Pricing at 2% of the bond amount, $100 minimum. Enter the deposit the utility required and file the same day.